Accomplished Directors to Bring Diverse
Leadership Experience, Reflecting New Companies’ Distinct
Opportunities and Strategies
In preparation for its previously-announced separation into two
industry-leading companies, Alcoa Inc. (NYSE:AA) has named the
members of the Boards of Directors for the future Arconic Inc. and
Alcoa Corporation.
To ensure continuity and retention of valuable Alcoa Inc.
experience, each new company’s board will include members of the
current Alcoa Inc. board, who will serve alongside new directors
appointed after a comprehensive search. The new boards will assume
their responsibilities upon completion of the Company’s separation,
which remains on track for the second half of 2016.
“We have established two world-class, diverse boards for Arconic
and Alcoa Corporation to accelerate value for the shareholders of
each company,” said Alcoa Chairman and CEO Klaus Kleinfeld. “The
new directors – like the directors they join – are high-caliber
executives who bring to the table track records of success in
relevant industrial and leadership roles. Arconic and Alcoa
Corporation will draw on the valuable experience of its directors
as each company sets course for a promising future.”
Arconic Inc.
Arconic will be a leading global provider of high performance
materials and engineered products to the aerospace, automotive,
commercial transportation and other growth industries, with a
portfolio and strategy positioned to achieve consistent profitable
growth. As previously announced, upon separation, Klaus Kleinfeld
will serve as Arconic Chairman and CEO.
The Arconic Board of Directors will comprise the following:
- Amy Alving, former Senior Vice
President and Chief Technology Officer, Leidos Holdings, Inc.
- Arthur Collins, Jr., former
Chairman and CEO, Medtronic, Inc.
- Rajiv Gupta, Chairman, Delphi
Automotive PLC and Chairman and Senior Advisor, New Mountain
Capital, LLC.
- Klaus Kleinfeld, Chairman and
CEO, Arconic Inc.
- Sean Mahoney, private investor
and former Partner and head of the Financial Sponsors Group,
Goldman, Sachs & Co.
- E. Stanley O’Neal, former
Chairman and CEO, Merrill Lynch & Co., Inc.
- John Plant, former Chairman,
President and CEO, TRW Automotive
- L. Rafael Reif, President,
Massachusetts Institute of Technology
- Julie Richardson, former Partner
and the head of the New York office, Providence Equity Partners
LLC
- Patricia Russo, Chairman,
Hewlett Packard Enterprise and former CEO, Alcatel Lucent
- Ulrich Schmidt, former Executive
Vice President and CFO, Spirit Aerosystems Holdings, Inc.
- Martin Sorrell, founder and CEO,
WPP plc
- Ratan Tata, former Chairman,
Tata Sons Limited
Alving, Gupta and Richardson are newly appointed to the Arconic
Board of Directors; the other directors serve on the Alcoa Inc.
board.
For biographies of each member of the future Arconic Board of
Directors, please click here or visit www.alcoa.com.
Alcoa Corporation
Alcoa Corporation will be a globally-competitive industry leader
in bauxite, alumina and aluminum products, positioned to succeed
throughout the market cycle. As previously announced, Roy Harvey,
current Group President of the Alcoa Global Primary Products
business, will be CEO of Alcoa Corporation. The Chairman will be
announced prior to the separation.
The full Alcoa Corporation Board of Directors will comprise the
following:
- Mary Anne Citrino, Senior
Advisor, The Blackstone Group L.P.
- Timothy Flynn, former CEO,
KPMG
- Kathryn Fuller, Chair, the
Smithsonian’s National Museum of Natural History
- Roy Harvey, CEO, Alcoa
Corporation
- James Hughes, former CEO of
First Solar, Inc.
- Michael Morris, former Chairman
and CEO, American Electric Power Company, Inc.
- James Nevels, founder and
Chairman, The Swarthmore Group
- James Owens, former Chairman and
CEO, Caterpillar Inc.
- Carol Roberts, Senior Vice
President and CFO, International Paper Company
- Suzanne Sitherwood, President
and CEO, Spire Inc.
- Steve Williams, President and
CEO, Suncor Energy Inc
- Ernesto Zedillo, former
President of Mexico and current Director, Yale Center for the Study
of Globalization
Citrino, Flynn, Harvey, Hughes, Nevels, Sitherwood and Williams
are newly appointed to the Alcoa Corporation Board of Directors;
the other directors serve on the Alcoa Inc. board.
For biographies of each member of the future Alcoa Corporation
Board of Directors, please click here or visit www.alcoa.com.
Dissemination of Company Information
Alcoa intends to make future announcements regarding Company
developments and financial performance through its website at
www.alcoa.com.
About Alcoa
A global leader in lightweight metals technology, engineering
and manufacturing, Alcoa innovates multi-material solutions that
advance our world. Our technologies enhance transportation, from
automotive and commercial transport to air and space travel, and
improve industrial and consumer electronics products. We enable
smart buildings, sustainable food and beverage packaging,
high-performance defense vehicles across air, land and sea, deeper
oil and gas drilling and more efficient power generation. We
pioneered the aluminum industry over 125 years ago, and today, our
approximately 57,000 people in 30 countries deliver value-add
products made of titanium, nickel and aluminum, and produce
best-in-class bauxite, alumina and primary aluminum products. For
more information, visit www.alcoa.com, follow @Alcoa on Twitter at
www.twitter.com/Alcoa and follow us on Facebook at
www.facebook.com/Alcoa.
Forward-Looking Statements
This communication contains statements that relate to future
events and expectations and as such constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include those
containing such words as “anticipates,” “believes,” “could,”
“estimates,” “expects,” “forecasts,” “intends,” “may,” “outlook,”
“plans,” “projects,” “seeks,” “sees,” “should,” “targets,” “will,”
“would,” or other words of similar meaning. All statements that
reflect the Company’s expectations, assumptions or projections
about the future, other than statements of historical fact, are
forward-looking statements, including, without limitation,
statements regarding the separation transaction. Forward-looking
statements are not guarantees of future performance and are subject
to risks, uncertainties, and changes in circumstances that are
difficult to predict. Although the Company believes that the
expectations reflected in any forward-looking statements are based
on reasonable assumptions, it can give no assurance that these
expectations will be attained and it is possible that actual
results may differ materially from those indicated by these
forward-looking statements due to a variety of risks and
uncertainties. Such risks and uncertainties include, but are not
limited to: (a) uncertainties as to the timing of the separation
and whether it will be completed; (b) the possibility that various
closing conditions for the separation may not be satisfied; (c) the
outcome of contingencies, including legal proceedings; (d) the
impact of the separation on the businesses of Alcoa; (e) the risk
that the businesses will not be separated successfully or such
separation may be more difficult, time-consuming or costly than
expected, which could result in additional demands on Alcoa’s
resources, systems, procedures and controls, disruption of its
ongoing business and diversion of management’s attention from other
business concerns; and (f) the other risk factors discussed in the
Company’s Form 10-K for the year ended December 31, 2015, and other
reports filed with the SEC. The Company disclaims any obligation to
update publicly any forward-looking statements, whether in response
to new information, future events or otherwise, except as required
by applicable law.
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version on businesswire.com: http://www.businesswire.com/news/home/20160907006828/en/
AlcoaInvestor Contact:Matt Garth,
212-836-2674Matthew.Garth@alcoa.comorMedia Contact:Monica Orbe,
212-836-2632Monica.Orbe@alcoa.com
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